Step 15: Price Your Goods
Do Your Research:
Check out similar hand-made goods on Etsy other online selling platforms, to find out the price range.
Your Price Range:
Decide what you want YOUR price range to be. Depending on the venue and demographics of attendees, prices will range from $10 to $100+. Items priced from $30 – $50 sell best at most venues.
Track Your Making Time & Expenses:
Decide what your hourly rate is, then do the math per item.
Figure out how much your expenses are per item.
Determine the total cost of materials + your time per item.
Deciding on a Price – Compare the Following:
Price of similar goods researched.
The total cost per item, multiply by 2.
How much you would pay for similar goods.
Optional: Build the Sales Tax into the Price:
Customers appreciate this.
This is more work for Sales Tax Returns, but it makes sales go smoother.
With all these numbers in front of you – Choose Your Price:
Determine lowest price you will sell the item for.
Determine the amount you would like to sell the item for.
Use the price you would like to sell it for. If a customer is wavering on a purchase, you can offer s lower price, knowing what your bottom line is. This is also appropriate if a customer is considering buying more than one item.